As S&P Goes Red For The Year, It's About That Time...

Submitted by Tyler Durden on 08/02/2011 16:20 -0400

As of a minute ago, the S&P has just gone negative for the year. It still needs to drop another 20% to retrace the QE2 rally, at which point Bernanke will launch QE3. He may well launch it before if Friday's NFP is well in negative territory. Incidentally, today we just had another 8 day closing streak, the longest since 2008.

The intraday chart is ridiculous. ES 1250 was just taken out. Next support is in the mid 1100's.

And the ugliest chart of all: when indexed for the loss in dollar purchasing power, the S&P is now down 5% for the year, and back to October level. Perhaps this it the chart that Bernanke will trot out to justify more LSAP?

Today's typical "investor" using Other People's Money:

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Tue, 08/02/2011 - 16:21 | 1518193 High Plains Drifter

is that you leo?

Tue, 08/02/2011 - 16:28 | 1518230 steve3828

"Annnnd it's gone"

http://www.southparkstudios.com/clips/222624/the-importance-of-saving-money

Tue, 08/02/2011 - 16:32 | 1518252 Ahmeexnal

Tomorrow will be a nice day to short oil:

http://www.foxnews.com/us/2011/08/02/energy-in-america-new-diesel-biofue...

Tue, 08/02/2011 - 16:49 | 1518298 Rusty_Shackleford

In the future, all news will be delivered by hot chicks.

Tue, 08/02/2011 - 17:01 | 1518350 Highrev

We’ve got some very serious breakdowns in European and U.S. equity markets, BUT when looking at the daily charts we’re working on very oversold extremes and currently right on or below (way below on some U.S. indices) the 20:2 lower Bollingers on the provisional weekly charts (with the main exceptions being Japan, Hong Kong, Shanghai and India).

9 times out of 10 these markets would rally from here (even if only to be reaction snapbacks to breakdown levels to get short into), but there’s always that nasty 1 out of 10 to keep in mind. This kind of setup precedes crashes.

Oh, BTW, interesting to see Asia in general holding up relatively well and the U.S. on the lead going down, don’t you think?

Closed on the lows in lots of places. Short term washout and reversal tomorrow? If not, watch out below.

(Previous comments of mine starting here: http://www.zerohedge.com/news/goldman-weekly-chartology-investors-full-r...
).

Tue, 08/02/2011 - 17:19 | 1518440 pdizzle

I went long into the close for similar reasons, stop is pretty tight for a swing trade though considering the size of the falling knife....

Tue, 08/02/2011 - 18:11 | 1518636 Mongrel

Where's my .308?

Tue, 08/02/2011 - 18:23 | 1518679 Taint Boil

\__

Ah, the "deer in the headlights". What is that coming towards me? Hmm interesting .. looks harmless, should be ok ........

Tue, 08/02/2011 - 19:07 | 1518834 Mongrel

Damn! That's a painful screen name you have . . .

Tue, 08/02/2011 - 18:12 | 1518637 Mongrel

Fuck it!

Tue, 08/02/2011 - 18:14 | 1518646 Mongrel

Fuck it! Where's my .50 cal.

Tue, 08/02/2011 - 18:37 | 1518730 Rodent Freikorps

Where's my man portable flechette firing rail gun?

I was promised a railgun, dammit.

Tue, 08/02/2011 - 18:24 | 1518681 Freebird

http://www.telegraph.co.uk/finance/financialcrisis/8677497/Italy-calls-emergency-meeting-as-eurozone-crisis-resurfaces.html

Photo double. Tremonti -deer? Deer - Tremonti?

Tue, 08/02/2011 - 19:05 | 1518826 Taint Boil

\__

The puzzled, quizzical look just before the beast plunges his incisors into your neck ... the laws of physics and nature apply to all things, and the laws of nature always win.

Tue, 08/02/2011 - 19:16 | 1518871 andybev01

Funny; I was always told that the eyes were the windows to the soul, not the mirrors.

Tue, 08/02/2011 - 17:20 | 1518447 Snidley Whipsnae

You can throw all that 'Bollinger' crap out the window along with the rest of your charts.

What you are watching is a stampede caused by fear. If you wanna get run over by the bears just continue to stand in one place gazing at your charts.

Tue, 08/02/2011 - 17:24 | 1518462 Dr. No

I play dead.

Tue, 08/02/2011 - 17:54 | 1518580 Cult of Criminality

Funny ..lol

Tue, 08/02/2011 - 19:52 | 1518990 Frankie Carbone

Come on markets!!!

BURN
TO
THE
GROUND.

This nation needs a colonic and the one thing that will wake up the sheeple is when their cable is turned off and their Facebook page is unavailable because they couldn't pay the ISP bill.

This nation needs an enema and a market meltdown is just the right tonic.

Disclosure: Short everything but PMs. Short America, short Homo Sapiens.

Tue, 08/02/2011 - 17:33 | 1518498 LibertyIn2010

In the future, all news will be delivered by hot chicks.

LOL...the future is now.

Tue, 08/02/2011 - 17:34 | 1518499 RockyRacoon

You mean like in NAKED NEWS?

Tue, 08/02/2011 - 17:55 | 1518584 Cult of Criminality

Russian topless news

Tue, 08/02/2011 - 23:40 | 1519479 Ying-Yang

Hey... Rocky that could grow audience share on CNBC. Might give a whole new meaning to Squawk Boxes?

Wed, 08/03/2011 - 00:59 | 1519584 RockyRacoon

Can't wait to see Mandy drop trou. Bob Pissant Pisani, not so much.

Wed, 08/03/2011 - 00:29 | 1519549 dark pools of soros

Naked News has been doing it for over a decade.. not sure if they are still around

edit: ah - the racoon was on point first

Wed, 08/03/2011 - 01:00 | 1519585 RockyRacoon

And don't you forget it. I'm older (probably) and wiser (questionably) than thou.

Tue, 08/02/2011 - 17:01 | 1518347 rocker

LOL on shorting oil. Besides, who watches FOX ???

Today McConnell guaranteed that we can short everything. The real and stock market economy is now destroyed.

McConnel got his wish. His goal is to destroy the economy at our expense just to destroy Bambi. Mission Accomplished.

It was fragile to begin with. This was just the icing on the cake. JPM and Pimco downgraded the USA.

We are Japan Now. If you want to invest in a real economy put your money in Russia, Indonesia or Asia.

Their is not one company in America worth investing in. Unless you bet on ZeroHedge.

Unlike FOX, CNBC, or any other noise box TV hoar show, ZH will tell you the truth.

Tue, 08/02/2011 - 17:07 | 1518381 A Man without Q...

We are Japan Now.

Except without a strong export sector, a high savings rate or a pliable population - it's going to be fun watching all the people holding up KFCs for free chicken....

Tue, 08/02/2011 - 20:21 | 1519064 Rodent Freikorps

I like to think of it as liberating those chickens from their oppressors.

Wed, 08/03/2011 - 02:17 | 1519655 StychoKiller

The Farce is strong with Bambi!

Tue, 08/02/2011 - 17:43 | 1518539 Spastica Rex

Yeah, and today was a bad day to stop sniffing glue.

Tue, 08/02/2011 - 18:10 | 1518560 vast-dom

uh huh tomorrow. sure.

douche.

Tue, 08/02/2011 - 16:44 | 1518281 Fidel Sarcastro

Like Chevy Chase said - "Que the deer."

Tue, 08/02/2011 - 17:05 | 1518368 caerus

What's going on, Andy...? You're sinking into a pit of self-pity, defeatism, and alcohol... and you're enjoying it!

Tue, 08/02/2011 - 16:53 | 1518306 cossack55

"that is the very essence of the banking industry"

www.youtube.com/watch?v=4KvzuDbG-TQ

Seems like an appropriate day to trot out my favorite in honor of Mr. Deer

Tue, 08/02/2011 - 16:59 | 1518340 epicure3

I'm sorry...it didn't do too well. Do you have any money invested with this Bernank? No? Please stand aside.

Tue, 08/02/2011 - 16:33 | 1518258 Clueless Economist

Wow, this country is so screwed!

Looking at Yahoo Current Trends we see:

Ashley Hebert Bachelorette

Miley's Tattoo

Selena's Breakup

Jamie Lynn Spears

Justin Biever's new Tattoo

If the average Obestius Americanus is more concerned with this nonsense, than what is going in this country, they deserve the pain they are going to receive when the whole system collapses! I for one can't wait for the riots and mayhem all around them as they whimper "maybe I shouldn't have paid so much attention on Lindsay lohan and instead prepared for this calamity"

Tue, 08/02/2011 - 16:53 | 1518316 brew

sorry, i've used this one before,but it is so apropos - "what the american people don't know...is what makes them the american people".

Tue, 08/02/2011 - 17:34 | 1518501 rocker

After today, I don't know who has the best comment. Clueless +1, Brew +2.

Brew wins on the thought that it is what America's don't know is what makes them American.

It explains much. That's why they can be told how to think. It must be so hard to think for yourself.

I don't know if I should laugh or cry on that thought.

Tue, 08/02/2011 - 19:58 | 1519008 Frankie Carbone

<------- Clueless
<------- Brew

Tue, 08/02/2011 - 16:57 | 1518331 Sledge

and you know what makes it worse? The parents of the kids are reading that crap too!

Tue, 08/02/2011 - 18:28 | 1518700 Sunshine n Lollipops

It's an epidemic of stupidity, almost like a virus. And the infected don't even know they've got it. "Why, I've never felt better!" the braying victims bellow. They have no idea that this silent, lurking disease could very well be fatal.

Tue, 08/02/2011 - 17:16 | 1518430 CompassionateFascist

Do not confuse the "average American" with Russian Jew billionaire Sergei Brin and his Yahoo homepage. I have such people in my cab everyday, and a goodly number know exactly what's going on and why. What to do about it, they're not so clear....but many are armed and ready.

Tue, 08/02/2011 - 17:34 | 1518502 Raymond Reason

I don't know what city you are in, but in my city, the people who use taxis are the mostly the "down and out". And among these people, i would say you are correct. They absolutely know what's coming down. It is the people who are "bought in" to the status quo, who are in denial.

And you're right. They don't know what to do....with little if anything to invest in PMs or other preparations. IMHO, it is the churches that will replace government, as the refuge.

Tue, 08/02/2011 - 22:24 | 1519364 Vampyroteuthis ...

The churches are as corrupt as rest of society. Busy taking people's money and telling them what they want to hear with empty pews.

Tue, 08/02/2011 - 17:24 | 1518460 Snidley Whipsnae

CE... When the Americans get hungry they will get off their butts and scavenge for food. Until then expect nothing.

Tue, 08/02/2011 - 16:22 | 1518199 Cleanclog

For QE3 - the next fiasco.

Tue, 08/02/2011 - 16:23 | 1518206 Saucy-Jack

Hopefully the fun begins soon. Bring on the collapse. I am not getting any younger.

Tue, 08/02/2011 - 16:30 | 1518245 Josh Randall

+1000 - you're a HAUTE ONE Saucy-Jack

Looks like QE Tres is in the bag, reinflate those 401k temporarily, get those X-mas bonuses ready for the Bansters, and make my PMs's go parabolic. Bring it Ben

Tue, 08/02/2011 - 16:24 | 1518210 Dr. Engali

Robo is hibernating. The bears are on the prowl.

Tue, 08/02/2011 - 16:25 | 1518213 Archimedes

So whatever happened to the "Green Shoots"?

Tue, 08/02/2011 - 16:30 | 1518246 nonclaim

Eaten by the deer pictured above.

Tue, 08/02/2011 - 16:53 | 1518312 junkacc

They turned into the peas

Tue, 08/02/2011 - 17:18 | 1518405 Sudden Debt

First it snowed to much

Then a volcano erupted and covered them with ash

Then there was a heatwave

And suddenly there was this earthshake

Followed by a tsunami

And then the fields got radiated and the soil turned into glass.

So to anwer you question... it's where the sun don't shine.

COMPOST BITCHEZ!!

Tue, 08/02/2011 - 17:25 | 1518469 Snidley Whipsnae

Gold currently 1663.10. Green shoots currently 0.

Tue, 08/02/2011 - 17:38 | 1518515 rocker

They are burning in Texas as we speak.

Tue, 08/02/2011 - 22:26 | 1519371 Vampyroteuthis ...

Texas right now is a preview to hell. I am living it.

Tue, 08/02/2011 - 23:52 | 1519491 Ying-Yang

Yes sir... in Texas it's sooooo dry we're looking forward to hurricanes. Now ain't that a bitch. Never seen so many hot women.

Tue, 08/02/2011 - 22:26 | 1519372 Vampyroteuthis ...

Texas right now is a preview to hell. I am living it.

Tue, 08/02/2011 - 17:58 | 1518591 Cult of Criminality

They are punji sticks.....Not good

Tue, 08/02/2011 - 16:25 | 1518214 hedgeless_horseman

Thank you Tenet Healthcare (THC)!

-21.66% in a month.

They are who we thought I said they were.

Tue, 08/02/2011 - 21:43 | 1519274 rocker

Another great Cramer pick. Things that make you go Hmmmmmm. Eh.

Tue, 08/02/2011 - 16:26 | 1518216 caerus

YES! Free money anyone?

Tue, 08/02/2011 - 16:26 | 1518217 RiskAverseAlertBlog

Liked your "QEWW3" tweet! SPOT ON.

Tue, 08/02/2011 - 16:26 | 1518218 Dan The Man

...I believe the bombs will be falling somewhere soon.

Tue, 08/02/2011 - 16:53 | 1518311 mayhem_korner

With, without
And who'll deny that's what the fightings all about

Tue, 08/02/2011 - 17:44 | 1518542 CompassionateFascist

Yes. I figure about $1 trillion of the new debt issuance will go to finance the upcoming Israel-US attack on Iran.

Tue, 08/02/2011 - 18:16 | 1518652 falak pema

the CIA says it'll be Iran by Israel. Just when BNY says he is prepared to consider 1967 obammy deal for pal state.

Now that sounds potentially like a typical false flag play : promise the moon with your right hand and bomb silently, suddenly, with your lef!

I think the US MIC will love this; just when they preach budget cuts for defense in pipeline!

Tue, 08/02/2011 - 19:28 | 1518908 andybev01

"Silently"?!...dude CNN and Fox get front row seats and beam the first shot live via satellite.

Tue, 08/02/2011 - 16:26 | 1518220 Captain Planet

Keep it up Tyler, the endgame is near, and laughing is often the only remedy.

Deer in headlights! Fantastic

Tue, 08/02/2011 - 16:30 | 1518224 Iriestx

The faster they crash the market, the faster they get that $2t in freshly borrowed money. This isn't a return to sanity. This isn't the end-game. This isn't a surprise. It's a grab for another $2t of your and your children's money. Bring on the crash and Obama will bring on the QE3.

Tue, 08/02/2011 - 16:27 | 1518225 chet

Hmm. For some reason, I always have trouble connecting to ZH on days like this....

Tue, 08/02/2011 - 17:05 | 1518365 Sledge

...because when people, including TPTB, want the real scoop they come here to ZH,the Shining Star!!

Tue, 08/02/2011 - 19:30 | 1518914 andybev01

Thanks Sledge.

I thought that Chet meant philosophically...

Tue, 08/02/2011 - 16:27 | 1518228 Sancho Ponzi

I'm thinking that before this year is over, Timmay or his successor will get the green light to clear checks without issuing debt (bonds.) That's the only way left to extend this fiatsco.

Tue, 08/02/2011 - 17:00 | 1518345 James T. Kirk